Zimbabwe sold over four million tonnes of minerals excluding gold and silver last year, driven by increased production despite depressed global commodity prices.
The incoming Minerals Marketing Corporation of Zimbabwe (MMCZ) General Manager, Dr Nomusa Moyo says the state-owned utility, which is the only authorised agent for selling minerals except gold, recorded an increase in sales, with overall receipts declining in value as a result of low international prices.
“For some time, the mineral revenues while having been depressed have however in the last quarter experienced recovery with the platinum sector being the main revenue contributor. It is also imperative to note that the diamond, lithium, chrome, coal and others are also contributing to the growth trajectory of the capital-intensive but viable resource extraction sector in Zimbabwe.”
Mineral sales are also expected to enjoy a boom, riding on the external market diversification plan.
“The focus is on what can be done to consolidate the current trajectory. We are taking all the relevant steps to scout for those markets that have the potential to raise more revenues. Remember, it is our role to focus on those minerals that have what it takes to generate more revenue. We are doing all our best to ensure that the mining sector is the pillar of overall economic growth,” added Dr Moyo.
The agency states that Zimbabwe’s foreign exchange inflows are being driven by the mining sector, contributing over 70 percent of the overall receipts yearly.
The mining sector is also expected to play a critical role in the attainment of an upper-middle-income society by 2030.
